A decline in average property sale time

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by Kay Murchie

According to data published by conveyancing firm LMS, a decline has been noted in the average number of days it takes to sell a property in the UK from 53 days to 49 days over the third quarter of this year. The findings are contained within the LMS Market Efficiency Monitor Q3 2007.

According to LMS, the situation is not ideal but it is positive, the longer the time between properties being placed on the market and the exchange of contracts, the higher the chances of sales collapsing or gazumping.

In the first 6 months of this year, the average duration taken to sell a property was at 55 days, 17% higher than 2005/06. However, LMS highlighted that the change cannot be associated with Home Information Packs (Hips).

Dominic Toller, director of marketing at LMS, commented any improvement in efficiency over the last quarter is unlikely to be attributed to Hips, rather due to a fall in the number of properties on the market. With quantities down, the market tends to be more efficient.

Hips were launched on August 1 for 4-bedroom properties and September 10 for 3-bedroom properties with the aim of simplifying the home sales process.

LMS continued that the market should start to feel the benefit of Hips with efficiency improving and cancellations reducing.